Briggs & Stratton cuts fiscal 2006 earnings outlook (6:18 PM ET) SAN FRANCISCO (MarketWatch) -- Briggs & Stratton Corp.
BGG, +7.79%
late Tuesday said it now expects fiscal 2006 net income of $100 million to $103 million, or $1.94 to $1.99 a share. Analysts polled by Thomson First Call are currently estimating fiscal 2006 earnings of $2.55 a share on revenue of $2.68 billion. The Milwaukee, Wis.-based company said it decreased its projected fourth-quarter sales by $125 million. Net sales for the engine segment were about 18% lower than projected on lower-than-forecasted unit volume of 23%, the company said. In the power products segment, fourth-quarter net sales were also lower than projected by about 18%, the maker of engine products, lawn mowers and other garden equipment said.

Valmont quarterly profit rises 66% (5:47 PM ET) SAN FRANCISCO (MarketWatch) -- Valmont Industries Inc.
VMI, +0.40%
after Tuesday's closing bell said its second-quarter earnings rose 66% to $17.3 million, or 67 cents, compared with $10.4 million, or 42 cents, last year. The quarterly revenue of the Omaha, Neb.-based maker of fabricated metal products rose 28% to $338.8 million vs. $265.1 million on the back of strong results from international operations and rising utility product sales. The company said it expects fiscal 2006 revenue to grow between 12% and 15%.

Check Point Software forecasts in-line yearly results (5:42 PM ET) LOS ANGELES (MarketWatch) -- Check Point Software Technologies Ltd.
CHKP, +0.85%
late Tuesday forecast results for all of 2006 that would be roughly in line with the average of analysts' estimates. Executives of the Israeli network-security software firm predicted during a conference call that it would earn $1.12 to $1.20 a share for the year, or $1.33 to $1.40 a share after stripping out one-time items. Check Point pegged its revenue for the year at between $570 million and $600 million. Analysts, on average, expected a profit before items of $1.36 a share on revenue of $580.9 million, according to Thomson First Call.

Plx Technology swings to a quarterly gain (5:37 PM ET) SAN FRANCISCO (MarketWatch) -- Plx Technology Inc.
PLXT
after Tuesday's closing bell said second-quarter revenue rose as the company swung to net income of $281,000, or a penny a share. During the same period in the prior year, the Sunnyvale, Calif.-based chip provider reported a net loss of $732,000, or 3 cents a share. On a pro forma basis, the company reported per-share income of 8 cents. In the prior year, the pro forma per-share loss was a penny. Plx said second-quarter revenue rose to $19.4 million from $13.2 million in the prior year. Analysts polled by Thomson First Call had expected revenue of $19 million. Plx sees revenue for the third quarter of $19.5 million to $20.5 million. Analysts see revenue of $20 million.

Yahoo will delay new advertising technology until Q4 (5:37 PM ET) SAN FRANCISCO (MarketWatch) -- Yahoo Inc.
YHOO
Chief Executive Terry Semel said on a conference call late Tuesday that the company will delay the launch of its new advertising technology until the fourth quarter of this year, rather than launching it during the third quarter as planned. Many analysts had been pointing to the new ad platform as a way for Yahoo to improve the profitability of the ads it places next to its Internet search results. Yahoo's profit per user search is lower than that of its chief rival, No. 1 search provider Google Inc.
GOOG, +0.57%
Shares of Yahoo fell as much as 10% in after-hours trading following the release of its second-quarter results.

Total System Services quarterly income rises (5:24 PM ET) SAN FRANCISCO (MarketWatch) -- Total System Services Inc.
TSS, +0.85%
after Tuesday's closing bell said second-quarter operating income rose as net income increased to $57.4 million, or 29 cents a share, from $50.6 million, or 26 cents a share, during the same period in the prior year. Analysts polled by Thomson First Call had expected a per-share result of 27 cents. The Columbus, Ga.-based payment-services company said quarterly revenue rose to $429.2 million from $410.2 million. Analysts had expected revenue of $419 million. Also Tuesday, Total System backed its view that 2006 earnings growth will be at the high end of a range of 21% to 23%. The company sees annual revenue increasing 6% to 8%.

CORRECT: Cheesecake Factory sales up 12%; audit planned (5:21 PM ET) SAN FRANCISCO (MarketWatch) -- The Cheesecake Factory Inc.
CAKE, +1.80%
said late Tuesday quarterly revenue rose 12%, and the restaurant operator unveiled plans to review its stock-option awards practices. Revenue in the fiscal second quarter rose to $322.2 million from $288.3 million in the year-earlier second quarter, according to preliminary results. The average analyst estimate is for revenue of $323.9 million, according to Thomson First Call. The restaurant operator, based in Calabasas Hills, Calif., said the company's audit committee will review its options-award practices because of widespread interest after scores of companies disclosed improper backdating of stock options. (Correction: The company said it expects to file its quarterly report with regulators on time.)

Xilinx postpones earnings release to July 25 (5:16 PM ET) SAN FRANCISCO (MarketWatch) -- Xilinx, Inc.
XLNX, -0.68%
after Tuesday's closing bell said it has postponed its first-quarter earnings release to July 25. Additionally, the San Jose, Calif.-based chip company said the independent investigation into its option granting practices is not yet complete. Xilinx's independent auditors are reviewing available results and making an assessment of the company's practices. The company said it expects to be able to provide further information concerning the investigation on the rescheduled release date. On June 23, Xilinx said the Securities and Exchange Commission had opened an informal probe of the practices, procedures and disclosures related to its stock option grants.

CSX more than doubles profit, splits stock (5:13 PM ET) SAN FRANCISCO (MarketWatch) -- CSX Corp.
CSX, +1.50%
on Tuesday posted a second-quarter profit of $390 million, or $1.66 a share, up from $165 million, or 73 cents a share, a year ago. Excluding one-time items relating to insurance recoveries from Hurricane Katrina and tax benefits, the railroad, one of the biggest in the Southeast, would have reported earnings of $1.16, up from 96 cents in the year-earlier period. Surface transportation revenue rose 12% to $2.4 billion. Analysts polled by Thomson First Call had expected a profit of $1.15 a share. The company also announced a two-for-one stock split.

Illumina shares jump; results swing to quarterly income (4:54 PM ET) SAN FRANCISCO (MarketWatch) -- Illumina Inc.
ILMN, +0.88%
shares rose 20% to $34.60 in after-hours trading Tuesday. The San Diego genetic analysis tools developer said second-quarter revenue rose as the company swung to net income of $6.77 million, or 14 cents a share. During the same period in the prior year, the company reported a net loss of $18.5 million, or 46 cents a share. On a pro forma basis, the company swung to quarterly per-share income of 21 cents. During the same period in the prior year, the company reported a pro forma per-share loss of 7 cents. Revenue for the second quarter rose to $41.6 million from $15.8 million. Illumina added that it sees third-quarter revenue of $44 million to $48 million -- growing at least 125% from the same period in the prior year. Analysts are looking for growth of 85%, and a result of $36 million. The company sees third-quarter pro forma per-share income of 22 cents to 24 cents.

Yahoo profit falls on option costs; sales slightly lag views (4:47 PM ET) SAN FRANCISCO (MarketWatch) -- Yahoo Inc.
YHOO
said late Tuesday second-quarter profit fell sharply from a year ago, when it had a one-time investment gain, hurt by higher costs for employee stock options and other expenses. Sales surged as more businesses bought advertising on its Internet pages. The Sunnyvale, Calif.-based firm said net income for the period ended in June fell to $164.3 million, or 11 cents a share, down from $754.7 million, or 51 cents, a year ago, when Yahoo didn't include option costs in its results. Excluding stock option expenses and one-time gains and charges, Yahoo said adjusted net income rose to $237 million, or 16 cents a share, from $209 million, or 14 cents, a year ago. Sales at Yahoo, whose Web sites are collectively the world's most popular, rose 26% to $1.58 billion from $1.25 billion as visitors to its online pages surged thanks in part to interest in soccer's World Cup tournament. Excluding the payments Yahoo makes to other Web sites to acquire traffic, sales rose 28% to $1.12 billion from $875 million. On that basis, sales lagged the average estimate of analysts surveyed by Thomson First Call, who expected the company to report sales excluding those costs of $1.14 billion.

Digitas quarterly profit rises 14%; updates outlook (4:42 PM ET) SAN FRANCISCO (MarketWatch) -- Digitas Inc.
DTAS
after Tuesday's closing bell reported second-quarter net earnings of $13.5 million, or 14 cents a share, up 14% from $11.9 million, or 12 cents a share, during the year-ago period. The Boston-based marketing services company posted total revenue of $190.9 million vs. $134.3 million. Adjusted cash earnings were $17 million, or 17 cents a share, compared with $13.3 million, or 14 cents a share, a year ago. Analysts polled by Thomson First Call had forecast second-quarter earnings of 16 cents a share. Digitas said it expects third-quarter earnings of 7 cents to 10 cents a share, or 10 cents to 13 cents a share on an adjusted basis, on fee revenue of $93 million to $97 million. For 2006, the company said it sees per-share earnings of 41 cents to 49 cents, or 54 cents to 62 cents a share on an adjusted basis, on fee revenue of $380 million to $395 million.

Charles & Colvard quarterly income rises (4:30 PM ET) SAN FRANCISCO (MarketWatch) -- Charles & Colvard Ltd.
CTHR, -1.36%
after Tuesday's closing bell said the second-quarter cost of goods fell as net income rose to $1.1 million, or 6 cents a share, from $740,000, or 4 cents a share, during the same period in the prior year. Analysts polled by Thomson First Call had expected a per-share result of 7 cents. The North Carolina provider of moissanite, used in jewelry, said quarterly revenue fell to $8.51 million from $9.31 million in the prior year. Analysts were looking for revenue of $8 million.

Amdocs to buy private Cramer Systems for $375 mln cash (4:27 PM ET) LOS ANGELES (MarketWatch) -- Amdocs Ltd.
DOX, +0.54%
late Tuesday said it agreed to acquire privately held Cramer Systems Group Ltd. for around $375 million cash in a move to expand its service-management and operations-support systems offerings. Amdocs, a maker of software used for things such as customer- and billing-management, said it expects the deal to trim its fiscal 2007 profit by 4 cents a share, before items, and add to its profit on that basis thereafter. Amdocs, which expects to close the deal in its current fiscal quarter, said it won't know the resulting impact on its net profit until it completes its purchase-price accounting. The company may also take a one-time acquisition charge in the current three-month period for costs related to the deal, it said.

Sovereign reports second-quarter net loss of $51.7 million (4:23 PM ET) SAN FRANCISCO (MarketWatch) -- Sovereign Bancorp
SOV, +9.56%
reported a second-quarter net loss of $51.7 million, or 11 cents a share, late Tuesday after the Philadelphia-based lender was weighed down by reorganization costs and expenses related to its acquisition of rival Independence Community Bank
ICBC
A year earlier, Sovereign made $183.5 million, or 45 cents a share. Operating earnings, which exclude restructuring and acquisition costs and other items, came in at $179 million, or 40 cents a share, the bank reported. Sovereign was expected to make 39 cents a share, according to the average estimate of 17 analysts in a Thomson First Call survey.

Check Point Software profit sinks 16%, revenue declines 3.9% (4:19 PM ET) LOS ANGELES (MarketWatch) -- Check Point Software Technologies Ltd.
CHKP, +0.85%
late Tuesday said its quarterly profit fell 16%, weighed down by expenses related to options issued to employees, as revenue decreased 3.9%. The Israeli network-security software firm said its second-quarter profit fell to $65.7 million, or 27 cents a share, from $78 million, or 32 cents a share, a year earlier. After excluding expenses related to options and acquisitions, the company's profit would have been $76 million, compared to $79.8 million in the comparable period of last year. On a per-share basis, the company's profit without the items would have remained flat at 32 cents a share -- in line with the average of analysts' estimates. Revenue for the three-month period ended June 30 decreased to $138.9 million from $144.6 million. On average, Wall Street analysts had anticipated a profit of 32 cents a share, excluding options-related expenses, on revenue of $140.2 million, according to Thomson First Call.

Renaissance Learning quarterly income falls (4:18 PM ET) SAN FRANCISCO (MarketWatch) -- Renaissance Learning Inc.
RLRN
after Tuesday's closing bell said second-quarter operating expenses rose as net income fell to $4.67 million, or 16 cents a share, from $7.34 million, or 24 cents a share, during the same period in the prior year. The Wisconsin provider of educational monitoring tools said quarterly revenue rose to $29.3 million from $28.3 million in the prior year.

IBM reports $2 billion profit (4:13 PM ET) SAN FRANCISCO (MarketWatch) -- International Business Machines Corp.
IBM, +0.46%
on Tuesday reported a second-quarter profit from continuing operations of $2 billion, or $1.30 a share, compared to a profit of $1.85 billion, or $1.12 a share a year ago. Revenue fell to $21.9 billion from $22.3 billion a year ago, when the company had some sales from its now-divested personal-computer business. Analysts surveyed by Thomson First Call had forecast a profit of $1.29 a share on $21.89 billion in revenue.

Heartland Express quarterly profit rises 41% (2:54 PM ET) SAN FRANCISCO (MarketWatch) -- Heartland Express Inc.
HTLD, +0.00%
on Tuesday reported second-quarter net earnings of $24.8 million, or 25 cents a share, up 41% from $17.6 million, or 18 cents a share, last year. Revenue at the Coralville, Iowa-based short-to-medium haul truckload carrier rose to $143.1 million from $128.9 million. Analysts polled by Thomson First call had forecast earnings of 21 cents a share on revenue of $144 million. The company said operating income was favorably impacted by $8.7 million, or 6 cents a share, from gains on the trade-in of revenue equipment. Shares were down 3.5% at $15.70.

Check Point Software shares up ahead of results (12:53 PM ET) LOS ANGELES (MarketWatch) -- Check Point Software Technologies Ltd.'s stock
CHKP, +0.85%
gained on Tuesday ahead of the network-security software firm's quarterly financial results. Shares of the Israeli firm gained 16 cents, or just under 1%, to $17.34 as it prepared to release its second-quarter results after the close of trading. Wall Street analysts, on average, expect Check Point to report its profit remained flat at 32 cents a share despite a 3% decline in revenue to $140.2 million from $144.6 million a year earlier, according to Thomson First Call.

SimpleTech raises quarterly forecast; shares surge (12:43 PM ET) SAN FRANCISCO (MarketWatch) -- Shares of SimpleTech Inc.
STEC, +5.42%
were up more than 16% at $4.48 in midday trading on Tuesday. Earlier, SimpleTech said it expects second-quarter earnings of 9 cents to 10 cents a share on revenue of $78 million to $79 million, and gross profit margin in the range of 24% to 25%. The company had previously forecast quarterly per-share earnings of 5 cents on revenue of $67 million to $70 million, and gross profit margin in excess of 21%. Santa Ana, Calif.-based SimpleTech, a memory chip maker, said it raised its outlook due to stronger-than-anticipated demand in its key markets.

Harleysville quarterly profit rises; revenue slips (12:23 PM ET) SAN FRANCISCO (MarketWatch) -- Harleysville National Corp.
HNBC
on Tuesday reported second-quarter net earnings of $9.29 million, or 33 cents a share, compared with $8.95 million, or 32 cents a share, during the same period a year ago. Net interest income was $21.3 million vs. $21.5 million a year ago, the Harleysville Pa.-based bank holding company said.

N.Y. Times Co.: No plans to sell any New England properties (11:46 AM ET) CHICAGO (MarketWatch) -- New York Times Co.
NYT, +2.20%
has no plans to sell any of its New England properties, despite persistent and steep advertising and circulation declines at the unit that includes the Boston Globe newspaper, Chief Executive Janet Robinson told analysts on a conference call Tuesday. For several quarters, the company's New England Media Group has suffered significant revenue declines, including an 8.1% drop in the second quarter. Asked if certain recent newspaper sales had given New York Times Co. any ideas about its New England assets, Robinson said the unit, which also includes Boston.com and the Worcester Telegram & Gazette, is still "a very strong element" in the company's portfolio. Many advertisers in the region, she added, consider the Globe and the other publications "must buys" when trying to reach local consumers.

State Street rallies as Goldman cheers results (10:51 AM ET) NEW YORK (MarketWatch) -- State Street
STT, +1.24%
is rallying 1.3% to $56.64 after beating Wall Street targets for its second-quarter earnings. "Most of the upside came from stronger-than-expected securities lending as well as better servicing and management fees," Goldman Sachs said in a note to clients. "Net interest income came in as expected, falling slightly from the first quarter with the net interest margin down 3 basis points."

GEO Group raises earnings, revenue outlook (9:09 AM ET) NEW YORK (MarketWatch) -- The GEO Group Inc.
GGI, -8.00%
said it raised its second-quarter earnings forecast by 12 cents a share to 67 to 70 cents a share, due to higher occupancy levels at several facilities and new contract awards. The Boca Raton, Fla. provider of correctional, detention and residential treatment services also lifted its revenue outlook for the quarter ending June to $205 million to $210 million. Analysts surveyed by Thomson First Call had been expecting earnings of 56 cents a share and revenue of $189.9 million, on average. The company said it was keeping its outlook for the third and fourth quarters unchanged. It lifted its view for the full year to pro forma earnings of $2.27 to $2.37 a share on revenue of between $790 million and $805 million to reflect the higher second-quarter expectations. GEO's prior projection was for pro forma earnings of $2.11 to $2.21 a share on revenue ranging from $770 million to $785 million in fiscal 2006. The stock closed Monday down 13 cents at $33.05.

Charles Schwab profit rises 35%, driven by fee growth (8:55 AM ET) NEW YORK (MarketWatch) -- Online financial services firm Charles Schwab
SCHW, +0.84%
said Tuesday its second quarter profit rose 35% as rising asset-based fees compensated for more reserved client trading activity. The company said it earned $251 million, or 19 cents a share on revenue of $1.31 billion, compared to profit of $186 million, or 14 cents a share on revenue of $1.01 billion last year. Analysts polled by Thomson First Call, on average, expected the company to earn 20 cents a share in the quarter. "Total client assets reached $1.278 trillion as of June 30, 2006, 16% higher than month-end June 2005," CEO Charles Schwab said in a press release Tuesday morning.

New York Times second-quarter earns $61.3 mln vs $60.8 mln (8:47 AM ET) NEW YORK (MarketWatch) -- The New York Times Co.
NYT, +2.20%
Tuesday reported second-quarter earnings of $61.3 million, or 42 cents a share, up slightly from a year-ago profit of $60.8 million, or 42 cents a share. The latest results include a charge of $5.3 million, or 4 cents a share, related to a staff reduction program, while last year's numbers reflect a charge of $6.1 million, or 4 cents a share, also stemming from job cuts. Revenue rose 1.6% in the latest three months to $858.7 million from $845.1 million in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of 44 cents a share on revenue of $863.9 million in the June period. The company said the latest results reflect higher advertising, circulation and other revenue at its New York Times Media Group and Regional Group operations. It said the performance of its New England Media Group was hurt by consolidation among important advertisers and a challenging economic environment. New York Times also said revenue rose 1.2% in June to $263 million from $259.9 million in the same period a year earlier. "To date in July, print advertising has been challenging, especially in categories such as studio entertainment, automotive and corporate, where we are experiencing declines," said Janet Robinson, the company's president and CEO. "At the same time, we continue to benefit from solid gains at our digital properties, particularly About.com." The stock closed Monday at $23.18, down 1.6%.

Asset Capital Corp. increases size of IPO (8:36 AM ET) NEW YORK (MarketWatch) -- Asset Capital Corp. on Tuesday increased the size of its upcoming initial public offering to 9.25 million shares from 8 million shares. The Bethesda, Md. real estate management company kept the estimated price range at $9-$10 a share. Based on the new share size, the company will raise about $88 million with underwriter Friedman Billings Ramsey
FBR, +0.41%
Asset Capital plans to trade on the Nasdaq under the symbol "ACCI".

State Street net income climbs 3% on revenue jump (8:29 AM ET) NEW YORK (MarketWatch) -- State Street Corp.
STT, +1.24%
said Tuesday its second-quarter net income for the period ended June 30 rose 3% to $227 million, or 68 cents a share, from $220 million, or 66 cents a share in the year-ago period. Revenue advanced 21% to $1.65 billion. Analysts surveyed by Thomson First Call forecast earnings of 83 cents a share. The bank said it expects to report year-end earnings at the high end of its forecasts.

Johnson & Johnson second-quarter net $2.82 bln vs $2.59 bln (8:24 AM ET) NEW YORK (MarketWatch) -- Johnson & Johnson
JNJ, -0.55%
Tuesday reported second-quarter earnings of $2.82 billion, or 95 cents a share, up from a year-ago profit of $2.59 billion, or 86 cents a share. On an adjusted basis, excluding a charge of $87 million related to in-process research and development associated with its Vascular Control Systems' acquisition, the company reported earnings of $2.91 billion, or 98 cents a share, in the latest quarter. Sales rose 4.7% in the latest three months to $13.36 billion from $12.76 billion in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of 97 cents a share in the June period on revenue of $13.3 billion. The company said domestic sales rose 4.4% while international sales increased 5.1%. Shares of the Dow component closed Monday at $60.91, up 45 cents.

Jefferies Group earnings, revenue rise (8:13 AM ET) NEW YORK (MarketWatch) -- Jefferies Group Inc.
JEF, +2.15%
said second-quarter earnings rose to $45.6 million, or 32 cents a share, from $35.4 million, or 26 cents a share, a year earlier. Revenue increased 33% to $457.1 million from last year's $344.2 million, with investment banking revenue growing 20% and trading revenue rising 16%. Analysts surveyed by Thomson First Call had been expecting earnings of 33 cents a share, on average. Shares of the New York investment bank closed Monday down 32 cents at $25.70.

J. B. Hunt Transport Services net up 1.3% (8:13 AM ET) NEW YORK (MarketWatch) -- J.B. Hunt Transport Services Inc.
JBHT, +1.19%
on Tuesday said second-quarter net income for the period ending June 30 rose to $55.3 million, or 36 cents a share vs. $54.6 million, or 33 cents a share in the year-ago period. Total operating revenue increased 10% to $838 million. Analysts surveyed by Thomson First Call forecast earnings of 37 cents a share and revenue of $828.6 million. "We continue to be encouraged by the operating results of all three of our business segments," the company said.

Freeport-McMoran tops earnings estimates (8:11 AM ET) NEW YORK (MarketWatch) -- Freeport-McMoran Copper & Gold
FCX, -0.80%
said it earned $367 million, or $1.74 a share, in the second quarter, up from $175 million, or 91 cents a share, in the same period a year ago. The New Orleans-based copper and gold mining company said revenue climbed to $1.42 billion from $902.9 million. Analysts polled by Thomson First Call were expecting earnings of $1.45 a share on revenue of $1.3 billion. Shares closed Monday down 5.2% at $51.57.

Wells Fargo profit rises 9%, loans grow, chargeoffs drop (8:10 AM ET) NEW YORK (MarketWatch) -- San Francisco-based Wells Fargo & Co
WFC, +0.80%
said Tuesday its second quarter profit rose 9% as its loan portfolio grew and its charge offs declined. The company said it earned $2.09 billion, or $1.23 a share in the quarter compared to $1.91 billion, or $1.12 a share a year ago. Analysts polled by Thomson First Call had, on average, expected the company to earn $1.24 a share.

Forest Labs second-quarter earns $200.6 mln vs $216.6 mln (8:09 AM ET) NEW YORK (MarketWatch) -- Forest Laboratories Inc.
FRX, -1.60%
Tuesday reported a first-quarter profit of $200.6 million, or 62 cents a share, down from year-ago earnings of $216.6 million, or 62 cents a share. The company's number of outstanding shares declined in the current quarter from last year's total due to buybacks. The latest results include a licensing charge of $60 million and an $8.8 million charge related to stock option expensing. The year-ago results reflect a gain of $36.4 million from a tax reversal. Revenue rose 15% in the latest three months to $816.3 million from $711.8 million in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for earnings of 52 cents a share in the June period. Looking ahead, New York-based drug maker lifted its outlook for fiscal 2007 to earnings of $2.45 to $2.50 a share from a prior projection of $2.37 to $2.42 a share. The stock closed Monday at $43.95, down 1%.

MGIC Investment Corp. net income falls 14% (8:03 AM ET) NEW YORK (MarkteWatch) -- MGIC Investment Corp.
MTG, +0.72%
on Tuesday said second-quarter net income for the period ending June 30 fell 14% to $149.8 million, or $1.74 a share, from $174.4 million, or $1.87 a share in the year-ago period. Revenue at the Milwaukee-based mortgage insurer fell 8% to $363.5 million. Analysts surveyed by Thomson First Call forecast earnings of $1.73 a share and revenue of $377.6 million. New insurance written in the second quarter was $16.1 billion, compared to $16.6 billion in the year-ago period.

U.S. Bancorp second-quarter earns $1.2 bln vs $1.12 bln (7:56 AM ET) NEW YORK (MarketWatch) -- U.S. Bancorp
USB, +1.53%
Tuesday reported second-quarter earnings of $1.2 billion, up 7.1% from a year-ago profit of $1.12 billion. The company said net income applicable to its common shares totaled $1.18 billion, or 66 cents a share, for the quarter, up from $1.12 billion, or 60 cents a share, in last year's period. The average estimate of analysts polled by Thomson First Call was for a profit of 64 cents a share in the June period. The Minneapolis-based bank holding company cited strong growth in a majority of its fee-based products for the performance and said the latest period includes a gain of $35 million related to its proportionate share of the initial public offering of MasterCard. U.S. Bancorp said its total net revenue on a taxable-equivalent basis for the period rose 4.5% to $3.45 billion. The stock closed Monday at $31.02, up 25 cents.

Monro Muffler has a challenging first quarter (7:44 AM ET) NEW YORK (MarketWatch) -- Monro Muffler Brake Inc.
MNRO, +3.04%
said Tuesday first-quarter net income fell to $7.6 million, or 50 cents a share from $7.7 million, or 52 cents a share a year ago. Excluding a one-time tax benefit, the auto services company said earnings would have come in at 47 cents a share, at the high end of its previously stated forecast range. Sales for the period ended June 24 rose 4% to $98.4 million. The Thomson First Call average estimate was for earnings of 47 cents a share on sales of $98.5 million. Same-store sales for the quarter fell 2.9% compared with a 1.7% gain in the same period a year ago. Chief Executive Robert Gross said the quarter proved to be "challenging as macro economic factors continued to cause consumers to defer automotive maintenance and repair purchases." For the second quarter, the company reiterated its second-quarter outlook of earnings between 48 cents and 52 cents a share. The First Call estimate is for earnings of 52 cents a share. On Monday, the stock rose 42 cents to $30.36.

Merrill Lynch net up 44% as it powers past estimates (7:41 AM ET) NEW YORK (MarketWatch) -- Merrill Lynch & Co. Inc.
MER, -1.13%
on Tuesday said second-quarter net income for the period ended June 30 rose 44% to $1.6 billion, or $1.63 a share, from $1.1 billion, or $1.14 a share in the year-ago period. Revenue increased to $8.16 billion from $6.3 billion. Analysts surveyed by Thomson First Call forecast earnings of $1.52 a share and revenue of $7.53 billion, on average. "Merrill Lynch continued to perform well in the second quarter despite uncertainty in the markets," said Stan O'Neal, chairman and chief executive officer. Merrill Lynch's full-time employees totaled 56,000 at the end of the second quarter of 2006, a net increase of 500 during the quarter.

New York Times to cut jobs, paper width (7:25 AM ET) NEW YORK (MarketWatch) -- The New York Times Co.
NYT, +2.20%
said Tuesday that it expects to save more than $42 million a year by consolidating its New York metro printing operations into a single facility and reducing the width of its flagship newspaper by one and a half inches. The company, which will eliminate about 250 production-related jobs, said severance and other consolidation costs will result in charges, the scope and timing of which have yet to be determined.

Coca-Cola earnings rise (7:16 AM ET) NEW YORK (MarketWatch) -- Coca-Cola Co. on Tuesday said second-quarter net income rose to $1.84 billion, or 78 cents a share, from $1.72 billion, or 72 cents a share. Net operating revenue rose to $6.48 billion from $6.31 billion a year earlier. The Atlanta-based company said second quarter 2006 earnings per share included a net benefit of 4 cents from the sale of shares in the initial public offering of the Turkish bottler. The year-ago second quarter also included a net benefit of 4 cents a share. Analysts, on average, expected it to earn 72 cents a share on revenue of $6.46 billion, according to Thomson Financial.

Network Appliance reiterates first-quarter earnings outlook (7:15 AM ET) NEW YORK (MarketWatch) -- Network Appliance Inc.
NTAP, +3.04%
reiterated Tuesday that it expects first-quarter earnings between 13 cents and 16 cents a share, including expensing for stock options. The Sunnyvale, Calif. data storage company said it expects revenue to grow between 2% and 4% from the fiscal fourth quarter, which represents 36% to 39% year over year growth. Excluding stock option expensing, the company is forecasting earnings in the reange of 23 cents to 24 cents a share. The Thomson First Call average estimate is for earnings of 24 cents a share on revenue of $615 million. For fiscal year ending April 2007, Network Appliance expects earnings between 62 cents and 72 cents a share, including stock option expensing. Excluding this expense, it sees earnings between 99 cents and $1.04 a share. Revenue is forecast to grow by 28% to 30%. The First Call estimate is for earnings of $1.03 a share on revenue of $2.7 billion. On Monday, the stock rose 17 cents to $27.09.

United Technologies earnings, revenue rise (7:13 AM ET) NEW YORK (MarketWatch) -- United Technologies
UTX, +0.18%
said second-quarter earnings rose to $1.1 billion, or $1.09 a share, from $971 million, or 95 cents a share, a year-earlier. The Hartford, Conn. industrial company said the results include "gains in excess of restructuring" of 7 cents a share in the quarter ending June. Revenue increased to $12.26 billion from last year's $11.15 billion. Analysts surveyed by Thomson First Call had been expecting earnings of $1.01 a share and revenue of $11.8 billion, on average. The company said strong demand in its aerospace demand and improved margin performance helped offset weakness at its Carrier division. The company raised its 2006 earnings estimate to $3.55 to $3.65 a share on revenue of $46 billion to $47 billion, vs. analyst forecasts for earnings of $3.62 a share and revenue of $46.11 billion. The stock, a component of the Dow industrials, closed Monday down 85 cents at $57.96.

Blackrock net income climbs 19% (7:13 AM ET) NEW YORK (MarketWatch) -- BlackRock
BLK, +0.38%
said Tuesday its second-quarter net income for the three months ended June 30 rose 19% to $63.4 million, or 95 cents a share, from $53.3 million, or 80 cents a share in the year-ago period. Adjusted earnings were $1.19 a share. Analysts surveyed by Thomson First Call forecast earnings of $1.17 a share, on average. Revenue rose 33% to $360.7 million. Assets under management totaled $464.1 billion at June 30, up $49.7 billion from the year-ago period and above the previous quarter by $1 billion. Saying it remains on target for its transaction with Merrill Lynch
MER, -1.13%
to acquire the firm's money management business, BlackRock forecast adjusted 2007 earnings of $6.45-$7.05 a share.

Journal Commun. second-quarter earns $15.2 mln vs $18.1 mln (7:05 AM ET) NEW YORK (MarketWatch) -- Journal Communications
JRN, +0.00%
Tuesday reported second-quarter earnings of $15.2 million, or 21 cents a share, down from a year-ago profit of $18.1 million, or 24 cents a share. Revenue slipped 0.2% in the latest three months to $197.2 million from $197.5 million in the same period a year earlier. The average estimate of analysts polled by Thomson First call was for a profit of 19 cents a share in the June period. The Milwaukee media company said its broadcast group delivered a solid performance in the quarter but there was weakness in its publishing business. Looking ahead, the company, which publishes the Milwaukee Journal Sentinel, forecast earnings of between $13 million and $15 million for the third quarter on revenue of between $195 million and $200 million. The company also reported revenue of $49.3 million for June, down 1.6% from $50.1 million in the same period a year earlier. The stock closed Monday at $10.50, down 7 cents.

Virginia Commerce Bancorp's quarterly net jumps 41% (6:41 AM ET) WASHINGTON (MarketWatch) -- Virginia Commerce Bancorp Inc.
VCBI
reported second-quarter net income of $6.3 million, or 28 cents a share, up from $4.5 million, or 20 cents, earned in the same period in 2005. The Arlington, Va.-based company had been expected to earn 26 cents a share, according to the average of estimates compiled by Thomson First Call. Net interest income for the latest quarter came in at $17.3 million, up 27.9%, as a result of strong loan growth, the company said. Shares of Virginia Commerce Bancorp added 16 cents to end Monday's trading at $22.67.

CORRECT:National City net off mortgage on hedging costs (6:12 AM ET) NEW YORK (MarketWatch) - Cleveland-based bank National City Corp
NCC, +0.72%
said Tuesday its net income fell from a year ago levels due to mortgage hedging losses. The firm reported second quarter net income of $473 million, or 77 cents a share compared to $625 million, or 97 cents a share last year. Analysts polled by Thomson First Call had, on average, expected the company to earn 73 cents a share in the quarter. (Corrects reporting period.)

Centene 2006 earnings to be up to 44% lower than predicted (6:08 AM ET) LONDON (MarketWatch) -- Health-plan operator Centene Corp.
CNC, +2.99%
said it was cutting its 2006 earnings guidance from a range of $1.53 to $1.70 a share down to a range of 95 cents to $1.04 a share on adverse medical cost trends. Second-quarter earnings will be in a range of 10 cents to 12 cents a share, include 14 cents relating to Indiana and Texas medical costs. Centene said it was "truly disappointed" and expects to have a more complete analysis next week when the full second-quarter figures are released. Analysts polled by Thomson First Call had expected second-quarter earnings of 29 cents a share and 2006 earnings of $1.63 a share.

Empire Online sees World Cup hampering growth (3:29 AM ET) LONDON (MarketWatch) -- Online gaming company Empire Online(UK:EOL)said Tuesday that a seasonally poor second quarter was made worse by the World Cup, which dampened customers' interest in poker and casino games. The company said it signed up 29,928 new players across all its gaming platforms in the second quarter, down from 42,772 a year ago. The total number of active players, defined as those who have player in the last 90 days, slipped 6% to 79,984. Revenue from casino platforms rose to $16 million from $5.1 million, while poker revenue fell to $2.2 million from $20.2 million following the end of a partnership with PartyGaming(UK:PRTY). Empire Online also said over 60% of its new players come from outside the U.S.

Atos Origin warns on revenue, margins on U.K. delays (2:38 AM ET) LONDON (MarketWatch) -- French IT services group Atos Origin(FR:005173)warned on Tuesday that it's had to revise down its comparable revenue growth forecast for 2006 due to delays in U.K. new business, and now will not meet consensus margin forecasts. First-half revenue fell 1.1% to 2.7 billion euros, or up 2.9% when not including disposals and currency effects. New business wins are behind schedule due to significant delays in decision-making by clients, Atos Origin said. Its backlog slipped to 1.4 times annual revenue, on delays in the signatures of several large, long-term government contracts. Its first-half operating margin will be slightly above 5% -- one percentage point below its initial target -- and for the year, the slower-than-forecast revenue growth will shave 1.5 percentage points off its operating margin.

Heineken ups profit forecast on Premium Light introduction (2:30 AM ET) LONDON (MarketWatch) -- Dutch brewer Heineken(NL:00916)on Tuesday said it was lifting its 2006 profit, now seeing comparable growth slightly above 10%, vs. previous expectations of growth in mid-single digits. It said the successful launch in the U.S. of Heineken Premium Light, with volumes above the 400,000 hectoliter (84.5 million) target for the year, in particular is driving the growth. Overall, the premium beer market is growing faster than the world beer market, it said. Integration of breweries acquired in Russia is proceeding "at pace." First-half beer volumes rose 11.6% to 62.7 million hectoliters.

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